Moving components of a machine tend to wear out over time. A variety of factors, such as aging, extended duration operations, load conditions, improper maintenance, and improper handling of the machine may contribute to wear of moving components to a point of an out-of-tolerance condition or even failure. It is relevant to ensure that such components are timely replaced in order to avoid or minimize damage to the machine. Usually, such components are provided with an expected service life based, for instance, in an expected use or application and prior empirical wear data. For example, a component may be manufactured with an expected service life of 400 hours. Therefore, it is recommended or required that the component be replaced only upon 400 hours of operations in order to eliminate or reduce the possibility of damage to the machine caused by excessive wear of the component.
However, due to dynamic working conditions of the machine, a component may wear out before the completion of the expected service life, e.g., due to overloading of the component. In such a case, using a component that has met or exceeded its wear tolerances may result in faults in the machine, which may, in turn, affect operation of the machine. On the other hand, in certain circumstances, a component may wear at a slow rate than expected, e.g., due to under-loading. However, since the component, according to its predetermined service life, is due for replacement, the component may be replaced anyway, even though the component has remaining service life. Such premature replacement of a component otherwise within operational tolerances can affect economical and out-of-service aspects associated with operation of the machine. In either of the foregoing cases, replacing the component on the basis of the expected service life, despite the actual wear condition of the component, may lead to economical loss, unnecessary downtime, maintenance inconvenience, and ineffective machine operation.